Omega Advisors U.S. Capital Appreciation Fund Files Final Prospectus for Initial Public Offering

TORONTO, March 1 /CNW/ - Omega Advisors U.S. Capital Appreciation Fund (the "Fund") is pleased to announce that it has filed and received a receipt for its final prospectus from the securities regulatory authority in each province and territory of Canada. The offering is being made through a syndicate of investment dealers led by Scotia Capital Inc.

The Fund has been created to provide investors with access to the investment strategies of Omega Advisors, Inc. ("Omega"), headed by veteran fund manager Leon G. Cooperman and his portfolio management team. Mr. Cooperman, founder and Chief Investment Officer of Omega brings to the Fund more than 43 years of investment research, wealth management and portfolio management experience investing in the United States and other global capital markets.

The Fund proposes to issue Class A Combined Units at a price of $10.00 per Class A Combined Unit. Each Class A Combined Unit consists of one transferable, redeemable Class A Unit and one transferable Class A Warrant for one Class A Unit. The Fund's initial public offering of Class A Combined Units is expected to close on March 22, 2011. The maximum offering size is $100,000,000.

The Toronto Stock Exchange has conditionally approved the listing of the Class A Combined Units under the symbol OUS.A, the Class A Units under the symbol OUS.UN and the Class A Warrants under the symbol OUS.WT. The Class A Combined Units are scheduled to commence trading on the day of closing. The listing is subject to the Fund fulfilling all of the requirements of the TSX on or before May 26, 2011, including distribution of the Class A Combined Units, Class A Units and Class A Warrants to a minimum number of public holders. The Class A Units and Class A Warrants making up the Class A Combined Units will separate immediately following the earlier of the closing of the final exercise of the overallotment option granted by the Fund to its agents in respect of the Class A Combined Units or 30 days after the closing of the initial public offering and may trade and be transferred separately thereafter.

The Fund's investment objective is to achieve above-average capital growth through investments in primarily U.S. securities and other instruments, including equities, equity-related securities, bonds and other fixed income securities, futures and forward contracts, other derivative instruments, currencies and commodities. The Fund's investment strategy is to focus on value-based investment opportunities primarily involving securities of U.S. companies and, to a lesser extent, non-U.S. companies, with large to medium market capitalization in various sectors.

Artemis Investment Management Limited ("Artemis") is the Fund's manager and will retain Omega to manage the Fund's portfolio and implement the Fund's investment strategy.

Artemis is a Canadian-based investment manager that seeks to provide investors with the opportunity to achieve world-class portfolio allocation by facilitating efficient access to alternative investment opportunities. Artemis' mandate is to provide access to long-term superior investment returns generated by leading managers of alternative investment funds.

Omega is a private investment management firm formed in 1991 and is headquartered in New York. As at September 30, 2010, Omega had total assets under management of approximately U.S. $4.9 billion. Mr. Cooperman, the founder of Omega, heads a team of 18 portfolio managers, some of whom are generalists while others focus on specific industry sectors. Prior to founding Omega, Mr. Cooperman was employed at Goldman, Sachs & Co. for 25 years where he held the positions of Chairman and Chief Executive Officer of Goldman Sachs Asset Management, Co-Chairman of the Investment Policy Committee and Chairman of the Stock Selection Committee.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The offering is only being made by prospectus. The prospectus contains important information relating to the Class A Combined Units, Class A Units and Class A Warrants. Copies of the prospectus may be obtained from your registered investment dealer. Prospective investors should read the prospectus before making an investment decision.

For further information:
Conor Bill
President and Chief Executive Officer
Artemis Investment Management Limited
Phone: 647-547-3432
Email: csbill@artemisfunds.ca